ING Vysya Bank has received shareholders approval for scheme of amalgamation of Kotak Mahindra Bank (KMBL) with itself. The shareholders of the bank at its Extraordinary General Meeting held on January 7, 2015 at Mumbai, has approved for the same.
The amalgamation is approved with a share exchange ratio of 725 equity shares of KMBL for every 1,000 equity shares of ING Vysya Bank. The amalgamation was approved by 89.04% in number representing 96.89% in value of the shareholders present.
Further, the merger is subject to the approval of Reserve Bank of India (RBI), Competition Commission of India (CCI) and such other approvals as may be required.
